Oil prices hit one-month high as demand shows recovery

15.05.2020 - Petr Mazaylo
Oil prices hit one-month high as demand shows recovery

Oil prices hit more than one-month highs on Friday after gaining over 3% amid signs of demand recovery.

Brent crude rose 3.9%, or $1.21, at $32.34 per barrel, gaining 3% for the week.

U.S. West Texas Intermediate climbed 3.3%, or 92 cents, at $28.48 per barrel. The benchmark is heading for its third week of gains.

The market mood remains gloomy, but demand recovery is underway as Chinese refineries and global oil supply increased.

The International Energy Agency forecasted global crude stockpile to drop 5.5 million bpd. Barclays forecasted Brent and WTI to be traded at $5-$6 per barrel in 2020.

Meanwhile, Saudi Arabia, OPEC’s leading oil producer, plans to cut output to nearly 5 million bpd. This came after the agreement between OPEC+ to cut production by 10 million bpd.


Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?